Salem, MA multifamily portfolio: 19 units spanning three buildings at 288–292 Washington Street and 5 Porter Street Court. The package features a balanced mix of twelve (12) one-bedroom units, six (6) two-bedroom units, and one (1) three-bedroom unit. Owner provides heat and hot water to tenants. The 5 Porter St Ct property includes approximately 6–8 off-street parking spaces for added tenant convenience. In-place rents are below current market levels, presenting a clear value-add opportunity to align rents with market and further stabilize operations over time. Set near Downtown Salem, the properties offer immediate access to a thriving year-round market—walkable to restaurants, retail, the waterfront, museums, and the MBTA for easy Boston access. Strong demand drivers and in-town convenience support stable occupancy and long-term rent growth.
Property Details
Price:
$4,500,000
MLS #:
73452143
Status:
Active
Beds:
27
Baths:
19
Address:
288-292 Washington & 5 Porter St Ct
Type:
Multi Family
Subtype:
5+ Family – 5+ Units Up/Down
City:
Salem
Listed Date:
Nov 6, 2025
State:
MA
Finished Sq Ft:
24,126
Total Sq Ft:
24,126
ZIP:
01970
Lot Size:
11,326 sqft / 0.26 acres (approx)
Year Built:
1915
Units:
19
Schools
Interior
Bathrooms
19 Full Bathrooms
Flooring
Wood
Heating
Oil
Exterior
Community Features
Public Transportation, Park, T- Station
Construction Materials
Brick
Parking Features
Off Street
Parking Spots
8
Roof
Rubber
Financial
Tax Year
2024
Taxes
$38,616
Map
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CRP: Certified Relocation Professional CRS: Certified Residential Specialist GRI: Graduate of Realtors Institute CBR: Certified Buyers Representative BSBA: Bachelor of Science in Business Administration. Babson College 1979 MBA: Master of Business Administration. Babson College 2002 James M. Joly is President and Principal-Owner of Boardwalk Real Estate Corp.,…
More About JamesCourtesy of Little & Co., REALTORS®. The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
288-292 Washington & 5 Porter St Ct
Salem, MA
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